MUMBAI: The stock market witnessed a mixed start to the trading week on Monday, initially opening on a flat note in the green but subsequently slipping into negative territory.
The benchmark indices, Sensex and Nifty, experienced a dip in their values, reflecting a cautious sentiment among investors amidst global market movements.
At the opening bell, the Sensex was marginally down by 35.75 points, standing at 73,774.81, while the Nifty saw a slight decline of 2.20 points, reaching 22,376.20.
However, the indices quickly reversed course, with more pronounced losses observed as the session progressed.
Among the Nifty companies, market breadth remained subdued, with 22 advances and 28 declines recorded.
Notable gainers included Dr Reddy, NTPC, Power Grid, Bajaj Auto, and ONGC, while JSW Steel, Tata Steel, Eicher Motors, Tata Consumer Products, and M&M emerged as the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Despite gains witnessed in Asian markets, Indian indices struggled to maintain momentum, influenced by global cues. The Nikkei 225, Japan’s benchmark index, soared to a new record high above the 40,000 mark, signaling optimism about the country’s economic recovery from deflation”.
In contrast, Indian stocks faced downward pressure amid cautious investor sentiment.
In the United States, major indices rallied on Friday, with the S&P 500 and Nasdaq reaching all-time highs, driven by gains in the tech sector and falling Treasury yields.
While the S&P 500 rose by 0.95 per cent for the week and the Nasdaq by 1.74 per cent, the Dow experienced a slight decline of 0.11 per cent.
Meanwhile, Asian stocks advanced on Monday, following the positive trajectory set by US shares. Investor sentiment remained buoyant, particularly in Japan, as the Nikkei-225 breached the significant 40,000 level for the first time in its history.
In China, investors awaited potential stimulus measures as the National People’s Congress convened. The global market outlook remains closely tied to upcoming events, including Federal Reserve Chair Jerome Powell’s testimony this week and the release of the US February payrolls report, which could influence policy decisions.
Additionally, in Europe, the European Central Bank is expected to maintain rates, while the Bank of Canada may consider rate cuts in the coming months, further shaping market dynamics worldwide. (ANI)